If you’re adopting a “Periodic Inventory” basis, do not select “Inventory as Detail Type” in the Chart of Accounts. Instead, use Other Current Assets for Detail Type and for the Category Type, Purchases as the account name. For the Detail Type, you never want to use “Inventory Asset”, this happens to be default account name… Continue reading Account setup for Periodic Inventory basis in QBO
Category: Inventory
QBO Inventory – Follow Easy 3 Steps
QBO inventory is very basic —buy the item and sell the same item. So it is simple as 1-2-3. Create Products & Services as Inventory type item. Key fields to remember: a) Quantity of hand = “0” b) Inventory asset account = Inventory Asset (always this default account) c) Select “Income account” = Income type… Continue reading QBO Inventory – Follow Easy 3 Steps
Common mistakes to avoid in QuickBooks Online INVENTORY – Initial Quantity on Hand | Inventory Quantity Adjustment
How to apply additional costs to Inventory Items in QuickBooks Online
Adding additional costs like shipping insurance to Inventory Item in QBO
Recording Finished Inventory starting with Production Materials and Supplies
How do you record a transaction to Write Off Obsolete Inventory
How to make batch inventory stock quantity adjustment after physical count
How to make batch inventory stock quantity adjustment after physical count in QuickBooks Online Inventory Here is how to make batch adjustment inventory quantity on hand after physical count or just want to make qty adjustment in inventory. 1. Select “Gear’ icon at the top. 2. Select Products and Services under Lists. 3. Select Filters… Continue reading How to make batch inventory stock quantity adjustment after physical count
How To Add Purchased Inventory Items From Banking “For Review” Tab
How to add purchased inventory items from Banking tab? I like to enter SKUs, Qtys of each item in one entry. Assuming you have QuickBooks Plus Plan, you will first need to ensure that in company settings you turn on the Items table and Purchase orders. (Gear icon at the top > Your Company >… Continue reading How To Add Purchased Inventory Items From Banking “For Review” Tab
Guide to importing inventory from QuickBooks Desktop older than 2015
If you have QuickBooks Desktop file older than 2015 with inventory items and try to convert to QBO, read this article first. You will need 2015 or newer version to import inventory properly. They offer you the latest trial version. Click here for trial links. This is for US version only. Note: Even with this… Continue reading Guide to importing inventory from QuickBooks Desktop older than 2015
How to track donated inventory stock items by your business in QuickBooks
These are the specific steps you can follow in QuickBooks Online (available in plus plan only) if you are donating or giving away tracked quantity on hand inventory items. Create ZERO Value Sales Receipt for Inventory Items: 1. From the Home Page screen > click Create (+) Sign (top middle bar) > Customers > Sales… Continue reading How to track donated inventory stock items by your business in QuickBooks